LAW firms Freehills and Blake Dawson have advised on a joint venture investment between Abacus and a private client of a Munich-based private investment advisory firm.
Freehills advised Abacus on the deal, which is with a private client of AM alpha GmbH. The joint venture will acquire 309 George Street, Sydney.
Blake Dawson represented AM alpha GmbH on the deal.
Freehills partner Justin O’Farrell led the team working with Abacus and solicitor Laura Walsh.
The purchase price for the property near Wynyard station will be $68.75 million with Abacus to hold 25 per cent of the equity and AM alpha GmbH’s client 75 per cent.
As part of the joint venture arrangements, Abacus will provide local development, operations management and property management.
“This joint venture continues the trend in the wholesale market of off-shore institutional investors seeking to invest directly in Australian real estate with a local partner that has expertise in the market, like Abacus,” said O’Farrell.
“We have assisted Abacus on a number of joint ventures with off-shore partners over the past 12 months, including Birkenhead Point, 350 George Street, its recent $600 million joint venture with an off-shore investment adviser and now this venture. Abacus has a practical and pragmatic approach, which makes them an excellent venture partner and a pleasure to do deals with.”